Latest news from the Sticking Together SIB
Sticking Together Social Impact Bond
Investor update, 1 April 2019
Above: Sticking Together project participant with Coach.
Dear investor,
We are very pleased to advise that the Sticking Together Social Impact Bond (SIB) formally starts service delivery today as planned.
Over the past few months SYC has recruited and trained the Sticking Together Project team in the three target regions (Southern Highlands and Shoalhaven, the Illawarra, and the City and Inner South in Sydney). All roles have been filled and the team is very excited that coaching is now officially underway.
The Head of the Sticking Together Project is Kellie Checkley, who joined SYC to take on this role after 12 years as the CEO at a not-for-profit organisation supporting young people in southern Sydney. We recently caught up with Kellie, and you can read more about her passion for the Sticking Together Project here.
Above: Kellie Checkley, Head of the Sticking Together Project, SYC with a Sticking Together project participant.
We are delighted to advise that 136 young people have already been enrolled into the program and are starting their 60 weeks’ coaching today. The team will continue to work with jobactive partners to fill all the 225 coaching places (25 for each of the nine coaches) over the coming months. To date, enrolments have been strongest in the Illawarra region, with 69 of the 75 places filled. The young people enrolled in the program have already had some preliminary coaching support, and some have even been successful in securing a job.
In preparation for the commencement of the Sticking Together SIB, SYC has been working closely with the NSW Department of Industry to finalise enrolment and reporting processes, and has developed a new Data Management System.
SYC has also developed a new ‘app’ to support participants and their coaches. The app enables participants to track their goals on their journey to gain and maintain work. They can see goals and actions, track skills and wellbeing, lodge evidence of their work and work-like activities and keep a calendar of appointments with their coach. Feedback from participants about the app has been extremely positive.
You may have heard the recent announcement by Minister for Jobs and Industrial Relations Kelly O’Dwyer that the employment services (jobactive) system is set for a major overhaul. Two key components of the announcement are:
- the extension of existing jobactive provider contracts for two years to June 2022, which provides a stable platform for jobactive relationships for the entire Sticking Together SIB enrolment period (which concludes at the end of 2021); and
- a trial to be conducted in two regions to test a new jobactive service delivery model. SYC is a jobactive provider in the South Adelaide employment region where the trial will take place and will be able to closely observe the new model.
Listen to Paul Edginton, CEO of SYC on ABC AM Radio commenting on the jobactive changes. Duration: 3min 5sec.
We look forward to providing you with updates on the progress of the Sticking Together SIB over the years to come. If you have any questions please do not hesitate to contact us at stickingtogethersib@socialventures.com.au.
Elyse and Casey
Impact Investing, Social Ventures Australia
 |  |  |  |